LUSAKA – The U.S. International Development Finance Corporation (DFC) Deputy Chief Executive Officer (DCEO) Nisha Biswal traveled to Lusaka, Zambia to attend the Partnership for Global Infrastructure and Investment’s (PGI) Lobito Corridor Investor Forum where she announced new DFC financing in support of the Lobito Corridor, which extends across Angola, Zambia, and the Democratic Republic of the Congo.
“Africa is DFC’s largest regional portfolio with over $11 billion in financing for projects across the continent, including along the Lobito Corridor,” DCEO Biswal said. “We are committed to working with our partners on the continent to build high-quality infrastructure and invest in agriculture, healthcare, and financial services that will impact lives and livelihoods across the corridor.”
At the forum, DCEO Biswal celebrated DFC’s longstanding partnership with the Africa Finance Corporation (AFC), which is spearheading Phase II of the Lobito Corridor. She shared that DFC’s board of directors just approved a $250 million loan to AFC that would support its efforts to develop high-quality infrastructure across the continent. That potential project is now pending congressional review. DFC has a long history with AFC and is working with the institution to determine how to support its work across the African continent in developing high-quality infrastructure that is critical to economic growth and development.
DCEO Biswal also marked DFC’s commitment to provide a $10 million loan to Seba Foods Zambia Ltd., alongside Seba Foods CEO Gaurav Vijayvargiya. This is the first U.S. food and agriculture investment along the Lobito Corridor. The DFC loan will support the expansion of Seba Foods Zambia’s food production and storage capacity for maize-based, soya-based, and other nutritious and affordable consumer food products, strengthening the food value chain in Zambia.
These new DFC investments align with the G7 PGI, which DFC committed $8.1 billion to last year. DFC advances PGI by promoting high standards for infrastructure financing and investing in Africa’s development goals, including in transportation and digital infrastructure, agricultural development, health infrastructure, expanded access to electricity, and the diversification of supply chains, including for critical minerals.
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The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.